FMDQ Group Plc has appointed financial markets expert Zeal Akaraiwe as its new Chief Executive Officer, marking a significant leadership transition at one of Nigeria’s most important financial market infrastructure institutions.
The appointment follows the retirement of Bola Onadele Koko, the pioneer Group Managing Director and CEO, who led the organisation for 12 years and played a key role in transforming FMDQ into a central player in Nigeria’s fixed-income, currency and derivatives markets.
According to reliable market sources, the appointment has received approval from relevant financial regulators.
Akaraiwe brings more than 25 years of experience across global financial markets, with expertise in derivatives, treasury solutions, risk management and capital market development across West Africa, Southern Africa and the United Kingdom.
Before his appointment, he served as Founder and Chief Executive Officer of Graeme Blaque Advisory, a boutique risk and derivatives consultancy serving corporates, financial institutions and development partners across Africa.
He previously worked at Standard Chartered Bank, where he spent six years as Head of Global Markets Sales for Nigeria between 2008 and 2014.
In that role, he led the bank’s treasury sales operations covering corporate, institutional and central bank clients, overseeing foreign exchange, interest rate and commodity-related solutions.
Under his leadership, the business reportedly generated over 40 per cent of the bank’s total global markets revenue in Nigeria. Revenue from financial institutions grew by more than 300 per cent in 2008, while corporate sales recorded annual growth of over 100 per cent during his tenure.
Akaraiwe is widely regarded as a pioneer in Africa’s derivatives markets and has advised central banks, regulators and financial institutions on developing modern risk-transfer frameworks and market infrastructure.
Beyond banking, he is also known for his engagement in public discourse on governance and economic policy. He hosts the weekly “Critical Thinking” programme on LagosTalks 91.3 FM and is the author of It Is Time.
His appointment is expected to deepen FMDQ’s focus on market innovation, derivatives expansion and capital market development as Nigeria continues efforts to attract greater domestic and foreign investment.
The leadership transition follows the retirement announcement of Onadele in late 2024 after more than a decade at the helm.
During his tenure, FMDQ oversaw major innovations in Nigeria’s financial markets, including the introduction of the USD/NGN Non-Deliverable Forwards market in 2016 and the launch of Exchange Traded Derivatives in 2023.
These innovations brought products such as bond futures and naira-settled FX futures into the Nigerian financial system for the first time.
Onadele’s exit package reportedly included about 1.3 billion Share Appreciation Rights (SARs), valued at approximately N9.9 billion at the time.
His departure closes a foundational era for FMDQ, while Akaraiwe’s appointment ushers in a new phase of growth under an established leadership structure that includes senior executives such as Group Chief Operating Officer Tumi Sekoni.
Market analysts expect the new CEO to build on past reforms while accelerating product innovation and deepening Nigeria’s capital markets ecosystem.
